• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » China’s software, IT service industry boosts double-digit growth

China’s software, IT service industry boosts double-digit growth

China software IT growth
Photo from Melchers China

BEIJING, CHINA — China’s software and information technology service industry experienced significant double-digit growth in both revenue and profits during the first four months of 2024. 

According to official data released by the Ministry of Industry and Information Technology, the sector’s total profits soared by 14.3% year-on-year, reaching 431.4 billion yuan (US$60.69 billion). 

This robust growth underscores the industry’s resilience and its critical role in China’s economic landscape.

Revenue growth across sub-sectors

The industry’s combined revenue rose by 11.6% year over year to 3.8 trillion yuan (US$524 billion). 

A substantial portion of this revenue came from the information technology service sub-sector, which saw a 13.2% increase to around 2.5 trillion yuan (US$345 billion). This sub-sector alone contributed 65.9% of the total industry revenue.

Cloud computing, big data drive innovation

Cloud computing and big data services were standout performers, with their combined revenue surging by 14.3% compared to the same period in 2023, reaching 410.7 billion yuan (US$56 billion). 

This growth highlights the increasing demand for advanced data solutions and cloud infrastructure in various sectors.

Software products, cybersecurity in high demand

Revenues from software products and information security also saw notable increases. Software products saw an 8.7% revenue rise, while information security services grew by 9.3% year over year. 

These figures reflect the growing importance of cybersecurity and innovative software solutions in the digital age.

The double-digit revenue and profit growth in China’s software and IT service industry during the first four months of 2024 demonstrates the sector’s dynamic expansion and pivotal role in driving technological advancements and economic growth. 

As the industry continues to evolve, it is poised to enhance further its contributions to China’s digital economy.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image